Mutual & Federal Results

Old Mutual PLC
12 February 2003

                                Old Mutual Plc

              Mutual & Federal Insurance Company Limited (MAF SJ)

                  Results for the year ended 31 December 2002



Mutual & Federal Insurance Company Limited ('Mutual & Federal'), the South
African general insurance group, in which Old Mutual plc ('Old Mutual') has a
51% holding, has today issued financial results for the year ended 31 December
2002.



The full text of the Mutual & Federal announcement is available on the JSE
Securities Exchange News Service (SENS) and on the Old Mutual website,
www.oldmutual.com. A paper copy of the full Mutual & Federal announcement is
available from Investor Relations, Old Mutual Plc, 3rd Floor, 57 Berkeley
Square, London W1J 6ER. The results have been drawn up in accordance with South
African Generally Accepted Accounting Practice (GAAP) and will be consolidated
in the accounts of Old Mutual in accordance with UK GAAP.



Old Mutual will release its preliminary results on 24 February 2003.





12 February 2003



ENQUIRIES:


Old Mutual, London                                   Tel: [phone]

James Poole


Old Mutual, South Africa                             Tel: [phone]

Nad Pillay






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